The cannabis industry is one of the fastest growing and lucrative markets in the world right now. According to The State of the Cannabis Markets, the global marijuana industry is expected to be worth an impressive $14.9 billion this year. That’s an astounding 36% rise from last year.
This report includes medical and recreational cannabis, as well as FDA-approved CBD-based pharmaceuticals. By 2024, the market for cannabis products could be worth $89.1 billion. That’s a huge step in the right direction when it comes to the worldwide acceptance of cannabis use.
Why is the cannabis industry so profitable?
Canada’s full legalization of recreational cannabis is a major reason why the global marijuana market is so successful. While sales in the nation may have started slow due to supply issues, it has since taken off. Experts predict the Canadian legal weed industry could be worth $7.8 billion by 2022.
Canada isn’t the first country to benefit from legalizing marijuana. Nations like Mexico have also legalized recreational cannabis. Places like Israel, Argentina, South Korea, and Australia all allow medical cannabis. The worldwide opinion on cannabis has clearly started to shift. As the industry becomes more globalized, countries like Uganda plan to export their cannabis around the world. Many nations are beginning to understand exactly how much money there is to be made from the legal cannabis market.
While other nations like Israel are leading the way in medical and technological development, U.S. and Canadian marijuana industry companies are king. North America makes up a massive 95% of the global cannabis market.
The Farm Bill & CBD
The Farm Bill makes it legal to sell hemp-derived CBD products in the United States. With no legal barriers holding back sales, CBD has taken off in popularity. Celebrities, health experts, and even household brands have all gotten involved in the cannabinoid.
Experts predict that the legal CBD market will reach $16 billion by 2025. Reports from dispensaries show that CBD product sales since 2014 have grown at a faster rate than cannabis sales. Many analysts believe that the industry for CBD will be just as profitable, if not even more lucrative, than recreational cannabis. itself, if not bigger.
Will the marijuana industry grow more?
The ‘Green Rush’ of the legal weed industry is just beginning. The future looks promising for cannabis industry investors and job seekers. The competitive nature of this industry means companies are always innovating and pushing for progress.
As more countries and states choose to legalize marijuana, the demand for cannabis products will only continue to grow. Keep an eye on the cannabis industry to see how this lucrative market handles increasing demand and soaring profits.